Hurricane Fiona’s Insured Damages in Atlantic Canada an Estimated $660 Million
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Estimate puts hurricane Fiona insured damages at $660 million
Estimate puts hurricane Fiona insured damages at $660 million
The Catastrophe Indices and Quantification Inc. (CatIQ) says that Hurricane Fiona, which made landfall in Nova Scotia on September 24th, caused an estimated $660 million (CAD) in insured damages.
The Insurance Bureau of Canada (IBoC) says the storm was the costliest extreme weather event ever recorded in Atlantic Canada in terms of insured damages based on the estimate provided by CatIQ. The IBoC added that many of those impacted by the storm were located in high-risk flood areas and floodplains, where residential fold insurance is not available. As a result, the IBoC says the overwhelming majority of costs for the disaster will be borne by the government.
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